Under the changes put in place immediately after the declaration of independence, the military, the civil service, and the legal system were all altered to report to the new government. Realising that their activities had led to a greatly reduced amount of money in circulation, the Biafrans prepared to replace the Nigerian currency, with this endeavour resulting in the first Biafran note issue. Is there a claim that you would like us to investigate? It appeared on their flag, their coins and bank notes, on military insignia, and it gave rise to the title of their national anthem, Land of the Rising Sun. The 1968 Biafran bank note issue was not only an emergency issue, it also faced the trials and tribulations of the country it was serving many of the notes not making it to Biafra. While the Biafrans seem to have rejected this offer, it is likely that some conversion did take place (though not necessarily through Rothschild) as Gen. Ojukwu stated in February 1969: We have been fighting the war with Nigerian foreign exchange, plus of course, what we converted or what we acquired earlier on. (Ojukwu, 1969), The reference to what we acquired earlier on, possibly refers to a windfall to the Biafrans in 1967. There would be very few collectors of world bank notes who have not come across one or more of the bank notes issued by the secessionist state of Biafra during the Nigerian civil war. Portugal was an early supporter of Biafra, and by October 1967 Biafra had established 28.00 Current Monetary Policy Rate (%) 8.0 2 Inflation Target (%) 53.6 Current inflation rate (%) 32.7472 Or browse our previous auctions using our text-based directory. INEC suspended elections in some parts of Bayelsa, How Top Nigerian politician lied, deceived U.S. court. We had to do something quickly to save the near-disastrous situation. Beresiner and Narbeth (in The Story of Paper Money) claim that the notes were printed in Portugal and Switzerland, and this seems to be a reasonable proposition. This index is based on the data of Numista members collections. Published on 31 October 2019, the article was shared on other news sites and on Facebook. Now, when Biafra was declared in 1967, Biafrans started. 1 Pound P5a. The new currency went public on 28 January 1968, and the Nigerian pound was not accepted as an exchange unit. But, given all of this, I'm left wondering why IPOB would go to such lengths to distribute false information and misinform people. The following information should be of interest to both old and young collectors, and will hopefully illuminate an important piece of African history as well as the history of the Biafran bank notes. Continued denial of this obvious outcome by Obasanjo himself and by the hand-picked, well-paid conference participants is another nail in the coffin of Nigeria. UNCIRCULATED. On 12 January more than 20 tons of Nigerian bank notes were flown into Switzerland on two aeroplanes but only 7 tons were permitted to be unloaded. Biafra digital currency is coming to save the situation ASAP but for now, follow the instructions. Following the end of the war, federal sources claimed that they had found evidence of the Biafrans asking the relief agencies to pay landing fees (in foreign exchange), for the use of their air-strips. Palm tree in centre with sunset behind, all with decorate circles containing words. It includes data from the World Bank's microdata, finances and energy data platforms, as well as datasets from the open data catalog . There were only two denominations in the first issue (five shillings and one pound), and according to Dr. Okigbo in his statement of 1 February the reason for this was the desire for the Biafrans to deflate their economy although the reality would appear to be insufficient planning. There are a number of ethnic groups in Nigeria with no group being a clear majority, however the Northern region was dominated by the Hausa, the Western by the Yoruba, and the Eastern by the Ibo (or Igbo). C $272.87. They are based on evaluations by Numista users and sales realized on Internet platforms. The war continued for two and a half years, with Biafra finally capitulating on 15 January 1970. Palm tree in centre with sunset behind, all with decorate circles containing words. Beresiner, Yasha & Narbeth, Colin (1973) The Story of Paper Money, David & Charles, Newton Abbot. CNN values your feedback 1. ss. When many Ibos decided to forsake their homes and businesses, and flee the violence in various parts of Nigeria to return to their homelands, it was Lieut.-Col. Ojukwu who advised them to return to their homes and businesses, assuring them that peace would be returned under the new government. BANK OF BIAFRA The leaders of this movement were close to the Military Governor, and from late 1966 it seems that plans were being put in place for the Eastern Region to secede. Violent attacks threaten Nigeria's upcoming 2023 elections. The Bank of Biafra Decree also stated that all property held in the republic by the Central Bank of Nigeria was to be transferred to the Bank of Biafra. Tracy L. Schmidt (editor); 2019. To purchase military equipment on the open market, Biafra had to have foreign exchange, and the efforts of the Biafrans to obtain this foreign exchange were quite exhaustive and quite varied. Currency Gallery: Biafra Africa Index World Index Banknotes for Sale Consignment List Banknotes Wanted Note Evaluation Banknote Grading Numismatic Books If you are looking to purchase Biafran banknotes, then please visit our Store instead. The 1-pound note is again dominated on the back by the coat of arms, but lacks the Alo (spear) of the first issue. Decorative pattern with Biafran arms to the right. PEACE - UNITY - FREEDOM Biafra Gorgeous Crisp UNC Bill Note Currency, 1 Pound, BIAFRA NIGERIA 5 10 SHILLINGS 1 5 10 POUNDS 3 4 5 6 7 1968-1969 UNC COMPLETE SET, Great Historic Banknotes BIAFRA 1 POUND 1968-1969 P-5 UNC Lucky # DS0046555. "They invited him this morning (Friday, July 18, 2020) to come and sign . It makes up 20% of known central bank foreign currency reserves. You can also ask Ihieagwa people in imo state its Ojomma. The Biafrans, on the other hand, claimed that by the end of January 1968 they had collected more than 53 million. 1. Banjo had ordered the withdrawal of the Biafran troops from the Mid-Western city of Benin in mid-September, the retreating for! Two days ago United Nations gave World bank order to start printing new Biafra currency. However it has been suggested that much of the haul did not make it back to Biafra the insinuation being that the money was diverted into private hands. -catalogue-33.html) References: P# 5 . We have also posted below an interesting write-up of the history of the Biafra War of 1967-1970 using Biafra Currency as the thread. In an effort to curb the flow, the federal government issued a decree in June stating that Nigerian currency exported from Nigeria (including the rebel held Eastern Region) after 21 August 1967, would not be redeemed by the Nigerian Government. Most commentators on Biafras bank notes report that the first issue occurred immediately after the declaration of independence but this is not correct. However, at the end of the conflict it was estimated that between 115 and 140 million in Biafran currency was in circulation, indicating that a large proportion of the currency was delivered into circulation. The notes have a palm tree and a big rising sun on their obverse design. All hail Biafra.. When the Nigerians announced that they would no longer redeem bank notes exported from Nigeria after August 1967, the Biafrans worked quickly to gather bank notes remaining in circulation so that they could be converted into precious foreign exchange. There would be very few collectors of world bank notes who have not come across one or more of the bank notes issued by the secessionist state of Biafra during the Nigerian civil war. Bank of Biafra. Perhaps, this was what made the video to . Mok, Michael (1969) Biafra Journal, Time-Life Books, New York. Ivory Coast. REPUBLIC OF BIAFRA Biafra 1968. What is less well documented, are the many aspects of the administration of the war-torn state aspects such as the establishment of the Bank of Biafra and the issue of the Biafran bank notes. TT PK 6b 1968-69 BIAFRA 5 POUNDS PCGS 66 PPQ TOP POP WITHOUT SERIAL NUMBERS! As a supporter of the Biafrans, Portugal would seem a likely place for producing one or both series of notes, and Hank Wharton is known to have been ! ), 1968 January 16 (17:7); May 2 (3:7); September 8 (Section 2, 40:5). The cases were due to be loaded on a flight to Accra in Ghana. In response, via an Email, the World Bank confirmed the information to be false, further asserting that The World Bank Group is not responsible or associated in any way with the referenced video or any claim of such.. While each of the notes of the second issue have a degree of common design on their front, each denomination is distinct in its layout. However, some other comments appear to support the claim. Copyright 1995-2023 eBay Inc. All Rights Reserved. Auction 109. Values in the table above are expressed in CAD. World. There were many more notes prepared for the second issue of notes with the serial number prefixes being distinct for each denomination. In the Eastern Region, from the time of the massacres, there arose a strong movement amongst the Ibos to break away from the federation. This desire manifested itself six months after the unsuccessful coup, in a second coup which was led by elements of the Nigerian army controlled by the Northern Region. SB48 BANK OF BIAFRA 1 POUND BANKNOTE 1967 VERY FINE P.2a $25.00. Millions of Biafrans remained homeless, unemployed and bankrupt. News. International Bank Note Society Journal. Lettering: To make matters worse, one Biafran pound is worth 280 Naira! The Spirit of Biafra is indomitable and indestructible. As has been illustrated above, the Bank of Biafra Decree explicitly adopts Nigerian currency as the circulating medium for Biafra, and the Biafrans had seemed quite willing to maintain this currency for as long as they could. The Bahamas is the first country in the world with a central bank digital currency (a digital form of a country's currency). Because the notes are very common there is a tendency amongst collectors to ignore them. Opera News does not consent to nor does it condone the posting of any content that violates the rights (including the copyrights) of any third party, nor content that may malign, inter alia, any religion, ethnic group, organization, gender, company, or individual. Consequently receipts were issued to Biafrans for the value of Nigerian currency they surrendered. During the later half of 1968 the Central Bank of Nigeria announced they would exchange up to 30 per person and 500 for commercial enterprises in old Nigerian and Biafran currencies. There were of course many stories of enterprising Nigerians who were buying the Biafran holdings in Europe at a discounted rate, and shipping them back to Nigeria where their full value could be obtained. It is regarded as a sceptre of power and authority, being carried by Ozo titled men, and as well as its symbolic importance it was also used as a weapon when necessary. 5 The Facebook page posted a video of an Igbo man counting Biafran Pounds and handing them over to another Igbo man as they laughed and admired the currency. Such a unilateral inflationary decision could damage the economy of the component parts. Numista does not buy or sell coins or banknotes. The news was shared on the Facebook page "Excess Honey and Sugar TV.". Official World Bank Boundaries. So next time you come across one of these notes, dont reject them out of hand collecting bank notes doesnt have to revolve around scarce notes, and this series proves that cheap notes can be just as intriguing as their expensive counterparts. The sale of the notes had begun in September 1968 when agents of the Biafran government in Geneva offered sets of the second series of Biafran bank notes for sale to collectors and others at the price of 20 10s (sterling) per set. If the content contained herein violates any of your rights, including those of copyright, and/or violates any the above mentioned factors, you are requested to immediately notify us using via the following email address operanews-external(at)opera.com and/or report the article using the available reporting functionality built into our Platform In 1944, the U.S. dollar became the global or world currency. Thursday, 23rd . . This desperate method of raising foreign exchange supposedly lasted only a brief period of time. Constructed from copper bars they form an incomplete circle (or oval) having lobes at the ends and are often described as bracelets or armlets. 5 - FIVE POUNDS - 5 Pick Publishing Corporation (1971) Picks Currency Year Book 1970, New York. In his Diary of Events for 1 September 1968, Gen. Ojukwu again records Acute shortage of currency due to Hank Whartons Plot. In the Biafran towns and cities the shortage of money was one of the many problems people faced. The information reaching our desk this afternoon, from Biafran blogger Eze Ndukwe . This is supported by a statement by Dr. Pius Okigbo (economic adviser to the Biafran regime) on 1 February when he gave details of the new Biafran currency. These undelivered notes were sold into the collector market once they became unusable, and were sold in such numbers that the market became flooded. Please sign in or create an account to manage your collection. (Total: 3 notes) One of the more interesting assets of the Central Bank that was specifically seized was its currency. World Banknotes. Biafra. These were printed in Portugal, as were the initial series of bank notes. Modern issues 1961-present (25 th . Each prefix has ten million numbers, there fore the number of notes prepared for this issue are estimated to be: 5s. The prefixes commenced with a letter that was assigned to the denomination, followed by a second letter that cycled through the alphabet from A to Z; although the letters I and O were not used due to their similarity with the numerals one and zero. The currency of Biafra had been the Nigerian pound, until the Bank of Biafra started printing out its own notes, the Biafran pound. Catalog Detail. Russia's invasion of #Ukraine has had a devastating impact, with billions of dollars in damaged infrastructure and 8 million more Ukrainians living in poverty in 2022. What was predicted for this conference is that it would serve as a rubberstamp of Obasanjo's pre-conference, fixed agenda which promotes Obasanjo's selfish and self-interests; or it will somehow be used to legitimize such a personal agenda. 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